A life lived in the feminine. Hear my tales.

Category: money

Actually, everything is expensive and in my home state, it’s doubly so. When my ex and I started talking about divorce, I knew it would be financially hard. I lived on my own before getting married, and I knew it would be a costly endeavor, especially with a kid. It definitely was discouraging, but I knew we had to make the call. Even if I ended up struggling for eternity, this marriage was ending.

I never believed that I would struggle for eternity (and still don’t). If you asked me five years ago when we separated what my financial long-term plan was, I’d tell you it was to pay off debts, save and live. Are those bad goals? Nope, they’re fine — but they weren’t concrete or specific enough.

I talked to a financial planner thanks to the amazing organization, Savvy Ladies. I budgeted. In fact, I still tweak my budget often and track my spending daily. I even budgeted for emergencies and stuff that might happen along the way while I planned out my “financial life” as a single parent.

Although there are exceptions to every rule, many of us feel a financial lifestyle shift after divorce. This impact can be lessened if you end up getting good financial support from an ex or, if you have family who helps support you. But overall, most people have to make financial adjustments. This may mean that you won’t be able to spend like you used to on everything from “must-have’s” to “want-to have’s.” This can be extremely frustrating and hard to adjust to, but the reality is being happy is more important than having a certain lifestyle. As long as you have a roof over your head and are healthy … that’s more than many people have.

If you beat yourself up over these financial changes, it can really bring you down. There’s nothing worse than the feeling of coming up empty-handed, while you think others are doing great and able to give their kids the world. The operative word being “think,” as you really don’t know how other people live, and what they go through. And no matter what, you’ll never measure up by comparing yourself to a two-income family and by doing so, you will only make yourself feel worse. There are ways, however, to deal with these financial stresses and comparisons between your friends and yourself. Read on – and hang on because it always gets better.

After losing my job when my company went bankrupt, I spent the majority of 2018 scrambling each month to keep it together. I’m proud to say that I did it, despite the obstacles, which changed my outlook about life and myself, greatly. Needless to say, it was a stressful year and so I was grateful to start 2019 with a new job and a commitment to get things on track, financially.

If you’re like me and ready to stay on top of your budget and finances this year and have made it a part of your resolution, there are concrete ways to put those resolutions to action in 2019. For some inspiration, I sought out the trusted advice of Savvy Ladies, a non-profit organization that provides personal finance education and resources for women to inspire them to plan for the future.

This isn’t the first time I’ve turned to this wonderful organization for guidance. When I first got divorced, I turned to them and then, when I lost my house in the divorce, I returned for more trusted advice. I can’t sing the organization’s praises more highly than I do!

It is very hard to stare down financial hardships and see a light at the end of the tunnel, unless you make a plan. Truly, having no financial plan in general, is dangerous. Even if you are scraping by for now and can’t be strategic, you can take these financial challenges you are dealing with, and turn them into life goals that will help serve you. Here are a few ways you can turn your financial hardships into something fruitful!

CREDIT ISSUES

Do you have a bad credit score or maybe a lot of credit debt? This is a common issue after divorce. Perhaps your ex racked up debt or you racked up some yourself. Whatever the case is, take credit issues as a journey towards smarter spending.
Some tips I have learned from the advisors I met through Savvy Ladies: